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Rules Committee advances ordinance to extend revenue bond oversight committee
Summary
The committee advanced an ordinance to extend the Public Utilities Revenue and Bond Oversight Committee's sunset date to Jan. 1, 2016, with SFPUC staff saying oversight supports ratepayer confidence and credit ratings; the committee moved the item forward with recommendation.
The Rules Committee advanced an ordinance to extend the sunset date for the Public Utilities Revenue and Bond Oversight Committee (RBAC) to Jan. 1, 2016, moving the measure forward to the full Board with the committee's recommendation.
Todd Reedstrom, assistant general manager and chief financial officer of the San Francisco Public Utilities Commission, told the committee independent oversight bodies strengthen public confidence and are viewed favorably by bond rating agencies. He said such oversight helps demonstrate prudent financial controls to Moody's, S&P and other ratings firms.
A committee staff member corrected an earlier statement about funding and clarified that funds to operate commissions are reimbursed by the SFPUC to the Board for contractual services rather than being taken directly from bond proceeds. Public comment from a city staffer suggested the committee consider a shorter extension period to allow future restructuring and recommended including a PUC resolution in the file if the item advances to the full Board.
Supervisor Mark Farrell moved the item forward with recommendation; the motion passed without opposition and the matter will go next to the full Board for final action.
